ASIC slaps extended ban on collapsed firm’s managing director
ASIC slaps extended ban on collapsed firm’s managing director
The corporate regulator has used its enhanced banning powers to restrict the former head of a collapsed asset manager from financial services in any capacity.
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Robert Marie, the ex-managing director and responsible manager of Theta Asset Management has received the ban. He has also been banned from controlling an entity that carries on a financial services business and from performing any function involved in the carrying on of a financial services business in any capacity.
Theta Asset Management, which is now in liquidation, is the responsible entity of the Sterling Income Trust (SIT). The registered managed investment scheme was placed into external administration in 2019.
ASIC has slapped the former managing director of a collapsed firm with a ban, prohibiting him from providing any financial services for four years. Robert Marie, the ex-managing director and resp
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Former managing director of responsible entity of Sterling Income Trust banned for four years
ASIC has banned Mr Robert Patrick Marie for four years from providing any financial services. Mr Marie has also been banned from controlling an entity that carries on a financial services business and from performing any function involved in the carrying on of a financial services business in any capacity.
Mr Marie was the former managing director and responsible manager of Theta Asset Management Ltd (In Liquidation) (Theta), the Responsible Entity of the Sterling Income Trust (SIT). The SIT, a registered managed investment scheme, was placed into external administration in 2019.
Financial advisers can comfortably continue to provide clients with assistance around life insurance claims handling thanks to greater regulatory clarity provided by the Federal Government.
‘Under the radar’ challenges facing self-licensed advisers in 2021
‘Under the radar’ challenges facing self-licensed advisers in 2021
The pace and broad scope of changes that financial advisers are managing in the wake of the royal commission are incredibly challenging. With the raft of regulatory changes rolling out in 2021 it would be easy for self-licensed advisers to underestimate the impact of some substantive changes detailed in the Financial Sector Reform (Hayne Royal Commission Response) Bill 2020.
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1. Reference checking and information sharing protocol.
2. Breach reporting and remediation.
3. Investigating and remediating misconduct.
Reference checking and information sharing protocol
While licensees are currently expected to undertake background checks before appointing new representatives, these existing arrangements are often insufficient to prevent those advisers facing disciplinary action from simply moving to a new licensee.